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Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
 Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interest has been driven by upbeat freight rates reaching more than decade highs, combined with assets being undervalued compared to both actual earnings and earnings expectations; Earnings and asset values expectations flared up after the counter seasonal surge in freight rates during Q1, which saw March recording the highest monthly dry SnP figure by historical standards, followed by June, when Panamax and Supramax freight rates hit the highest level since 2010. SnP monthly transactions have decelerated so far into July with the freight market correcting – albeit from multi year high levels - however asset values continue their upward trend. Since June, notable increases in values of more than 7% are observed in Cape and Kasmarmax particularly in the 5-10 Y age bracket. Below we present a short overview of the dry SnP transactions since March broken down by type of vessel.
During March 2021, total S&P transactions increased by approx. 25% compared to February 2021, reaching more than 80 deals. Slightly less than 20 Handysize vessels, marginally more than 25 Supramax/Ultramax bulkers, around 25 Panamax/Kamsarmax vessels and finally more than 10 Capesize/Newcastlemaxes changed hands back then. Supramaxes and Handysize vessels corresponded to almost half of the transactions that formed the total S&P deal landscape.
During April 2021, total SnP deals amounted to around 65, decreasing by approx. 25% vs the previous month. The decrease was driven mainly by Handysize and Supramax vessels and especially the latter that ended up accounting for around half of those committed in March 2021. As for the other segments, Kamsarmax and Capesize vessels maintained similar levels m-o-m while the Ultramax tonnage was the only one that a showed significant increase of around 50% compared to the previous month.
Moving on to May 2021, the total deals increased by around 10 in number of vessels. Handysize and Supramax deals surged by more than 50% m-o-m while the deals across all the other segments decreased significantly.
Regarding June 2021, we can argue that the number of deals did not differ significantly compared to May 2021 with Handysize, Kamsarmax, Post-Panamax and Capesize following a similar pattern m-o-m. However, Panamax and Ultramax bulkers that changed hands significantly increased tracking the freight market momentum and the number of Supramax decreased by approx. 70% m-o-m.
As far as the current month, the total transactions that have taken place so far in July amount to approx. 40. At the current pace, it looks like the full monthly figure will end up significantly below the monthly average deals recorded so far in 2021, driven mainly by Handysize and Panamax transactions slowing down. It remains to be seen, whether SnP volumes for the larger dry bulk segment will start catching up to the smaller ones, given constructive market expectations for Capesize in the next months.
By George Kallianiotis,
Valuation Department
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- The University of Queensland
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- PTC India Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
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